SALT LAKE CITY — Larry Krystkowiak has officially agreed to a new five-year contract to remain head coach of the University of Utah men’s basketball team.

Krystkowiak, who led the Runnin’ Utes to a 42-55 record in his first three seasons at the helm, will receive a compensation package that totals $1.4 million per year. The deal also includes a pair of $375,000 retention bonuses — the first if he remains with the program through the 2016-17 season and the second if the length of the contract (which runs through the 2018-19 academic year) is honored.

“Our men’s basketball program continues to make tremendous progress under coach Krystkowiak and his staff,” Utah athletics director Chris Hill said in making the announcement. “He has embraced being a part of the Utah family and immersed himself in the Salt Lake community. I am excited about the future of our program under his leadership and look forward to continued success on and off the court.”

The Utes are coming off their first winning season since 2008-09. They went 21-12 and made an NIT appearance.

“I’m very excited and honored about the commitment from Dr. Hill,” Krystkowiak said in a released statement. “He and I have a tremendous working relationship and I want to thank him for the support and belief he has shown to me and the program. I love the situation here, and a lot of people and players associated with Utah basketball have worked extremely hard to get us to this position.”

Under Krystkowiak’s guidance, Utah went from winning eight Pac-12 games over its first two seasons in the conference to prevailing in nine in 2014. Attendance and classroom success is also on the rise.

“I think this is one of the best college jobs in America,” Krystkowiak added. “We have a lot of positive momentum right now with the team coming back and the offseason additions. We have the new facility being built and renovations are being made to the Huntsman Center. We still have a lot of work to do, but we are on the cusp of doing some special things, and I’m proud to be a part of it.”

Hill announced on April 3 that Krystkowiak had agreed to terms on a new contract.

“Obviously we feel that Larry and his staff have done a wonderful job with helping build this program back and we’re excited about the future,” Hill said at the time. “During the year, Larry and I both acknowledged that and wanted to put together a new contract.”